Cash: New reporting requirement – this will soon apply to payments
A major new rule affecting cash payments in Germany and across the European Union will take effect in July 2027, introducing stricter limits on large cash transactions while leaving everyday cash use unchanged.
From 10 July 2027, businesses and traders across the EU will no longer be allowed to accept or make cash payments exceeding €10,000 in a single commercial transaction. The measure is part of the EU's anti-money laundering legislation, designed to combat money laundering, terrorism financing and other financial crimes.
The new limit applies only to transactions involving businesses and self-employed traders. Private individuals can still own, withdraw, deposit and exchange unlimited amounts of cash. Cash transactions between two private individuals, such as the private sale of a used car, are generally not subject to the €10,000 limit unless national laws provide otherwise.
Another important change is that commercial cash payments of €3,000 or more will require businesses to verify and record the customer's identity. Authorities say these checks will improve transparency and make it harder for criminals to hide illegal financial activities through large cash purchases.
Despite concerns that cash is being phased out, the new rules do not abolish euro banknotes or coins. The European Central Bank has repeatedly stated that cash will remain legal tender and continue to be widely available throughout the euro area. For most consumers making everyday purchases, the changes are expected to have little impact, with the new restrictions mainly targeting high-value commercial transactions.